Abstract This paper presents a DSGE model to test the relative significance of monetary policy and financial market innovations in creating the U.S. housing boom between 2001 and 2006. The model generates a trajectory of house price that mimics the Case–Shiller index well when actual Federal Fund rates are taken as inputs. It fails to do so when the monetary policy follows the Taylor rule even if MBS are introduced. We identify several transmission mechanisms of monetary policy with an emphasis on the financial accelerator. The model predicts that banks’ lending standards will go down with the benchmark interest rate.

中文翻译：

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2001-2006 年货币政策对美国住房繁荣的影响

摘要 本文提出了一个 DSGE 模型来检验货币政策和金融市场创新在创造 2001 年至 2006 年美国房地产繁荣中的相对重要性。该模型生成的房价轨迹很好地模拟了实际联邦基金时的 Case-Shiller 指数。率作为输入。即使引入 MBS，当货币政策遵循泰勒规则时，它也不会这样做。我们确定了货币政策的几种传导机制，重点是金融加速器。该模型预测银行的贷款标准将随着基准利率下降。